'Daytona Rising': Speedway moving on $400 million overhaul

Tuesday

Jun 18, 2013 at 5:25 AMJun 18, 2013 at 8:16 PM

Work will begin in less than three weeks on a roughly $400 million overhaul at Daytona International Speedway, a project that will transform the historic racing center and lay the foundation of a new cluster of development including new hotels and a new movie theater.

EILEEN ZAFFIRO-KEANSTAFF WRITER

DAYTONA BEACH — Work will begin in less than three weeks on a roughly $400 million overhaul at Daytona International Speedway, a project that will transform the historic racing center and lay the foundation for a cluster of development including new hotels, stores and restaurants. Daytona International Speedway President Joie Chitwood III said the investment will be unprecedented in the Speedway's 54-year history and have a huge impact on the city, creating more than 4,000 construction jobs and pouring millions more into the tax base in the decades ahead. The effort has even been given a logo and a name: Daytona Rising. “Daytona Rising is a re-imagining of what a race experience can be,” Chitwood said Tuesday morning as he announced the project to a crowd of local leaders gathered just outside the track. “It's about taking the vision to the next level. This is what will separate us from all those others out there and continue that economic driver.” Chitwood said he's excited to have an opportunity like Bill France Sr., a full-time auto mechanic and part-time racer who took motorsports from the beach to a paved track on the mainland and created the iconic Daytona International Speedway. “The Speedway was built with more than concrete and steel,” Chitwood said. “It was built with vision and imagination.” The multiyear project is slated to break ground on July 5 and wrap up in January 2016, in time for the 54th Rolex 24 At Daytona and the 58th Daytona 500 that will be held that year. Chitwood has been talking for months about his hopes for a frontstretch grandstand makeover that would include five huge new gates and sprawling new concourses. But it wasn't until Tuesday that he announced the board of directors for his parent company, International Speedway Corp., had OK'd on Friday the expenditure of $375 million to $400 million for the massive undertaking. “I commend the board's decision to move forward on our plan to redevelop the company's signature motorsports facility, thereby shaping the vision of Daytona for the next 50 years,” said ISC Chief Executive Officer Lesa France Kennedy. France Kennedy went on to say that the company's investment will ensure the long-term viability of the Speedway. “It's one of the best things that could happen to Daytona Beach,” said Volusia County Councilman Doug Daniels, who heard Chitwood talk about the project at a Tiger Bay Club of Volusia County luncheon Tuesday. “It shows they have confidence in the future of Daytona Beach, and that will resonate nationwide and draw in other developers,” said Daniels, who's president of the local Tiger Bay Club. Construction will begin July 8, following the Coke Zero 400 NASCAR weekend. Throughout more than 920 days of work, races will continue to be held, but fans might need to enter and exit the Speedway complex in different areas than they normally do, Chitwood said. The redevelopment will impact some ancillary events at the Speedway through 2014, but major races will be held as scheduled, including those associated with Budweiser Speedweeks, the Daytona Supercross by Honda, the Daytona 200 and the Coke Zero 400. The architect on the project is Michigan-based Rossetti, which has handled projects for Michigan International Speedway, the Detroit Lions' Ford Field and the Detroit Pistons' arena. The general contractor is Barton Malow, also a Michigan-based company which has done work for General Motors and the University of Michigan on its football stadium. Work at ISC's flagship motorsports facility will begin behind the frontstretch grandstands, in the area visible from International Speedway Boulevard. Initial work will include things such as utility upgrades, but will graduate to more dramatic construction next year and then the overhaul within the existing frontstretch area in 2015. While the frontstretch grandstands will not be torn down, they will be significantly renovated and expanded. A fourth level of seating that will reach as high as the current towers will be added, and the tower structure will be rebuilt. The new frontstretch will include 53 suites that will offer “superb views” of the track, Speedway officials said. When work is complete, the Speedway will have five expanded and redesigned fan entrances, or injectors, along International Speedway Boulevard. Each injector will lead directly to a series of escalators and elevators that will transport fans to three different concourse levels, each featuring spacious and strategically placed social “neighborhoods” along the nearly mile-long frontstretch. A total of 11 neighborhoods, each the size of a football field, will enable fans to meet and socialize during events without missing any on-track action thanks to an open sight-line design throughout each concourse and dozens of new video screens in every neighborhood. The central neighborhood, dubbed the World Center of Racing, will celebrate the history of Daytona International Speedway. Every seat in the Speedway frontstretch will be replaced with wider and more comfortable seating, going from the current 17-18 inches to 20-21 inches. Also, more restrooms and concession stands will be added throughout the facility. At the conclusion of the redevelopment, the Speedway will have about 101,000 permanent seats with the potential to increase to 125,000. The track currently has about 146,000 seats. There will be no capacity changes for the 2014 Daytona 500, Speedway officials said. The eventual decrease in capacity could occur in stages following the 2014 Daytona 500 and will include the complete removal of the backstretch grandstand by the start of the 2016 motorsports season. Chitwood said Speedway officials are working on a plan for what will become of that backstretch area. By moving all seating to the frontstretch, fans will have the opportunity to enjoy a full race day experience including pre-race ceremonies, pit road action and new amenities such as Wi-Fi, Speedway officials say. ISC expects to fund the redevelopment from cash on hand, cash from its operations and possibly short-term loans, officials said. Daytona International Speedway and ISC's operations in Daytona Beach generate $1.6 billion in annual economic benefit to the state of Florida, Chitwood said. Following an unsuccessful bid for a public-private partnership with the state during this year's legislative session that would have given the Speedway millions in sales tax revenues in return for its investment, ISC said it was forced to reduce the scale of its redevelopment plan. Among the features that were removed was a major overhaul of the midway area between the track and the road. Chitwood said he plans to return to Tallahassee next year, with ISC pursuing incentives including those currently available to other major sports venues in Florida. A sponsor of the bill that attempted to help the Speedway, state Sen. Dorothy Hukill, a Republican from Port Orange, was at Chitwood's Tiger Bay Club talk at LPGA International. “This is very positive they're moving forward with their plans. Nothing will stop them,” Hukill said. “The ripple effects for the community will be great.” The redevelopment of Daytona International Speedway will reaffirm its status as the World Center of Racing for years to come, France Kennedy said. “It is imperative that we build upon my grandfather's vision to create a world-class facility with premium amenities to provide unparalleled experiences for our guests and partners,” she said in a prepared statement. “Doing so will ensure that the Daytona 500 and all our other events continue to drive our business while serving as a significant economic engine for the region.”

Speedway reinvention

Daytona International Speedway officials announced Tuesday they will revamp the frontstretch grandstands in a 2½-year project. Investment: $375 million to $400 million. Timeline: Ceremonial groundbreaking July 5. Work starts July 8 and wraps up in January 2016. The project: The existing frontstretch will be fully upgraded and expanded to include a fourth level of seating and a new tower structure. Eleven football field-sized concourses will be added to the frontstretch where fans will be able to get a bite, socialize and watch the race from new video screens.